Finance Act, 1989

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Number 10 of 1989


FINANCE ACT, 1989


ARRANGEMENT OF SECTIONS

PART I

Income Tax, Corporation Tax and Capital Gains Tax

Chapter I

Income Tax

Section

1.

Amendment of provisions relating to exemption from income tax.

2.

Alteration of rates of income tax.

3.

Amendment of section 6 (special allowance in respect of P.R.S.I. for 1982-83) of Finance Act, 1982.

4.

Relief for expenditure on certain buildings in designated areas.

5.

Amendment of section 2 (exemption of certain earnings of writers, composers and artists) of Finance Act, 1969.

6.

Amendment of section 8 (restriction of relief in respect of interest paid on certain loans at a reduced rate) of Finance Act, 1982.

7.

Amendment of section 6 (relief in respect of interest) of Finance Act, 1987.

8.

Amendment of provisions relating to relief in respect of premiums on certain insurances, etc.

9.

Amendment of Chapter III (Income Tax: Relief for Investment in Corporate Trades) of Part I of Finance Act, 1984.

10.

Priority in winding up of certain amounts.

Chapter II

Income Tax, Corporation Tax and Capital Gains Tax

11.

Farming: amendment of provisions relating to relief in respect of increase in stock values.

12.

Capital allowances for, and deduction in respect of, vehicles.

13.

Amendment of section 251 (initial allowances for machinery and plant) of Income Tax Act, 1967.

14.

Amendment of section 254 (industrial building allowance) of Income Tax Act, 1967.

15.

Amendment of section 22 (farming: allowances for capital expenditure on construction of buildings and other works) of Finance Act, 1974.

16.

Amendment of section 25 (increase of writing-down allowances for certain industrial buildings) of Finance Act, 1978.

17.

Amendment of section 26 (allowance for certain capital expenditure on roads, bridges, etc.) of Finance Act, 1981.

18.

Taxation of collective investment undertakings.

19.

Returns by certain intermediaries in relation to UCITS.

Chapter III

Corporation Tax

20.

Amendment of section 36 (investment income reserved for policy holders) of Corporation Tax Act, 1976.

21.

Amendment of Part IX (Schedule F and Company Distributions) of Corporation Tax Act, 1976.

22.

Amendment of Chapter VI (manufacturing companies) of Part I of Finance Act, 1980.

23.

Amendment of section 39A (relief in relation to income from certain trading operations carried on in Shannon Airport) of Finance Act, 1980.

24.

Amendment of section 45 (distributions) of Finance Act, 1980.

25.

Attribution of distributions to accounting periods.

26.

Amendment of section 42 (treatment of dividends on certain preference shares) of Finance Act, 1984.

27.

Surcharges: amendment of provisions relating to.

28.

Amendment of section 35 (relief for investment in films) of Finance Act, 1987.

Chapter IV

Capital Gains Tax

29.

Amendment of Schedule 4 (administration) to Capital Gains Tax Act, 1975.

30.

Amendment of section 61 (disposal of shares on the Smaller Companies Market and certain other shares) of Finance Act, 1986.

31.

Amendment of section 70 (securities of Bord Telecom �ireann and Irish Telecommunications Investments p.l.c.) of Finance Act, 1988.

32.

Certain futures contracts not to be chargeable assets.

33.

Exemption for Bord F�ilte �ireann and certain other bodies.

PART II

Customs and Excise

34.

Interpretation (Part II).

35.

Beer.

36.

Spirits.

37.

Wine and made wine.

38.

Cider and perry.

39.

Tobacco products.

40.

Hydrocarbons.

41.

Repayment of duty on wine, made wine, cider or perry used in the production or manufacture of certain beverages.

42.

Payments in respect of bets.

43.

Increase of duties on certain intoxicating liquor licences.

44.

Increase of duties on public dancing licence, occasional licence, special exemption order and authorisation to a club.

45.

Excise duties on hydrocarbon vendors' licences and amendment of section 73 (power to search premises in relation to hydrocarbon oil) of Finance Act, 1986.

46.

Increase of duties on registration of firearms dealers.

47.

Increase of duties on certain other licences, etc.

48.

Imposition of duty on registration of clubs and cesser of club duty.

49.

Repeal of provisions relating to hawkers' licences.

50.

Repeal and amendment of provisions relating to refreshment house licences.

51.

Provisions relating to private brewers.

52.

Excise duty on driving licences.

PART III

Value-Added Tax

53.

Interpretation (Part III).

54.

Amendment of section 5 (supply of services) of Principal Act.

55.

Amendment of section 8 (accountable persons) of Principal Act.

56.

Amendment of section 11 (rates of tax) of Principal Act.

57.

Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act.

58.

Amendment of section 19 (tax due and payable) of Principal Act.

59.

Amendment of section 20 (refund of tax) of Principal Act.

60.

Amendment of section 32 (regulations) of Principal Act.

61.

Amendment of First Schedule to Principal Act.

62.

Amendment of Second Schedule to Principal Act.

63.

Amendment of Sixth Schedule to Principal Act.

PART IV

Stamp Duties

64.

Levy on banks.

65.

Exemption from stamp duty of certain instruments (Custom House Docks Development Authority).

66.

Exemption from stamp duty of certain instruments (Housing Finance Agency p.l.c.).

67.

Amendment of section 27 of Stamp Duties Management Act, 1891.

68.

Amendment of section 122 of Stamp Act, 1891.

69.

Amendment of Forgery Act, 1913.

70.

Relief from transfer stamp duty in the case of reconstructions or amalgamations of certain companies.

71.

Amendment of section 44 (exemption from stamp duty of certain stock) of Finance Act, 1970.

72.

Amendment of First Schedule to Stamp Act, 1891.

PART V

Capital Acquisitions Tax

Chapter I

General

73.

Interpretation (Part V).

Chapter II

Arrangements with regard to Returns and Assessments

74.

Delivery of returns.

75.

Application of section 39 (assessment of tax) of Principal Act.

76.

Amendment of section 41 (payment of tax and interest on tax) of Principal Act.

77.

Amendment of section 63 (penalties) of Principal Act.

78.

Amendment of section 107 (application of Principal Act) of Finance Act, 1984.

79.

Surcharge for undervaluation of property.

Chapter III

Miscellaneous

80.

Amendment of section 2 (interpretation) of Principal Act.

81.

Extension of section 35 (accountable persons) of Principal Act.

82.

Amendment of section 37 (signing of returns, etc.) of Principal Act.

83.

Amendment of Second Schedule to Principal Act.

84.

Amendment of section 60 (relief in respect of certain policies of insurance) of Finance Act, 1985.

85.

Exemption of specified collective investment undertakings.

PART VI

Anti-Avoidance

86.

Transactions to avoid liability to tax.

87.

Amendment of section 33 (connected persons) of Capital Gains Tax Act, 1975.

88.

Schemes to avoid liability to tax under Schedule F.

89.

Annual payments for non- taxable consideration.

90.

Arrangements reducing value of company shares.

PART VII

Miscellaneous

91.

Capital Services Redemption Account.

92.

Tax concessions for disabled drivers, etc.

93.

Winding up of Savings Certificates Reserve Fund.

94.

Charging of expenses incurred in connection with management of prize bonds.

95.

Securities of Radio Telef�s �ireann and Industrial Credit Corporation p.l.c.

96.

Financial arrangements relating to Bord Telecom �ireann.

97.

Post Office Savings Bank Fund.

98.

Securities of European Economic Community.

99.

Care and management of taxes and duties.

100.

Short title, construction and commencement.

FIRST SCHEDULE

Accounting for and Payment of Tax Deducted from Relevant Payments and Undistributed Relevant Income

SECOND SCHEDULE

Rates of Excise Duty on Spirits

THIRD SCHEDULE

Rates of Excise Duty on Wine and Made Wine

FOURTH SCHEDULE

Rates of Excise Duty on Cider and Perry

FIFTH SCHEDULE

Rates of Excise Duty on Tobacco Products

SIXTH SCHEDULE

Rates of Excise Duty on Certain Licences

PART I

Intoxicating Liquor Licences

PART II

Firearm Certificates

PART III

Gaming Licences

PART IV

Other Licences

SEVENTH SCHEDULE

PART I

Repeal of Provisions relating to Hawkers' Licences

PART II

Repeal of Provisions relating to Refreshment House Licences


Acts Referred to

Adoption Acts, 1952 to 1974

Adoption Acts, 1952 to 1988

Capital Acquisitions Tax Act, 1976

1976, No. 8

Capital Gains Tax Act, 1975

1975, No. 20

Central Bank Act, 1971

1971, No. 24

Companies Act, 1963

1963, No. 33

Corporation Tax Act, 1976

1976, No. 7

Customs and Inland Revenue Act, 1881

44 & 45 Vict., c. 12

Customs, Inland Revenue, and Savings Banks Act, 1877

40 & 41 Vict., c. 13

Customs-free Airport Act, 1947

1947, No. 5

European Communities Act, 1972

1972, No. 27

Finance (1909-10) Act, 1910

10 Edw. 7 & 1 Geo. 5, c. 8

Finance Act, 1919

9 & 10 Geo. 5, c. 32

Finance Act, 1925

1925, No. 28

Finance Act, 1926

1926, No. 35

Finance Act, 1929

1929, No. 32

Finance Act, 1930

1930, No. 20

Finance Act, 1931

1931, No. 31

Finance Act, 1938

1938, No. 25

Finance Act, 1940

1940, No. 14

Finance Act, 1943

1943, No. 16

Finance Act, 1946

1946, No. 15

Finance Act, 1950

1950, No. 18

Finance Act, 1956

1956, No. 22

Finance Act, 1958

1958, No. 25

Finance Act, 1960

1960, No. 19

Finance Act, 1961

1961, No. 23

Finance Act, 1964

1964, No. 15

Finance Act, 1965

1965, No. 22

Finance Act, 1968

1968, No. 33

Finance Act, 1969

1969, No. 21

Finance Act, 1970

1970, No. 14

Finance Act, 1971

1971, No. 23

Finance Act, 1973

1973, No. 19

Finance Act, 1974

1974, No. 27

Finance Act, 1975

1975, No. 6

Finance Act, 1976

1976, No. 16

Finance Act, 1978

1978, No. 21

Finance Act, 1979

1979, No. 11

Finance Act, 1980

1980, No. 14

Finance Act, 1981

1981, No. 16

Finance (No. 2) Act, 1981

1981, No. 28

Finance Act, 1982

1982, No. 14

Finance Act, 1983

1983, No. 15

Finance Act, 1984

1984, No. 9

Finance Act, 1985

1985, No. 10

Finance Act, 1986

1986, No. 13

Finance Act, 1987

1987, No. 10

Finance Act, 1988

1988, No. 12

Finance (Excise Duties) (Vehicles) Act, 1952

1952, No. 24

Finance (Excise Duty on Tobacco Products) Act, 1977

1977, No. 32

Finance (Miscellaneous Provisions) Act, 1956

1956, No. 47

Forgery Act, 1913

3 & 4 Geo. 5, c. 27

Gaming and Lotteries Act, 1956

1956, No. 2

Housing Act, 1966

1966, No. 21

Income Tax Act, 1967

1967, No. 6

Industrial Development Act, 1986

1986, No. 9

Inland Revenue Act, 1880

43 & 44 Vict., c. 20

Intoxicating Liquor Act, 1927

1927, No. 15

Intoxicating Liquor Act, 1962

1962, No. 21

Intoxicating Liquor (General) Act, 1924

1924, No. 62

Landlord and Tenant (Ground Rents) (No. 2) Act, 1978

1978, No. 16

Medical Practitioners Act, 1978

1978, No. 4

Mercantile Marine Act, 1955

1955, No. 29

Postal and Telecommunications Services Act, 1983

1983, No. 24

Public Dance Halls Act, 1935

1935, No. 2

Refreshment Houses (Ireland) Act, 1860

23 & 24 Vict., c. 107

Registration of Clubs (Ireland) Act, 1904

4 Edw. 7, c. 9

Stamp Act, 1891

54 & 55 Vict., c. 39

Stamp Duties Management Act, 1891

54 & 55 Vict., c. 38

Succession Duty Act, 1853

16 & 17 Vict., c. 51

Tourist Traffic Acts, 1939 to 1987

Unit Trusts Act, 1972

1972, No. 17

Value-Added Tax Act, 1972

1972, No. 22

Value-Added Tax (Amendment) Act, 1978

1978, No. 34

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Number 10 of 1989


FINANCE ACT, 1989


AN ACT TO CHARGE AND IMPOSE CERTAIN DUTIES OF CUSTOMS AND INLAND REVENUE (INCLUDING EXCISE), TO AMEND THE LAW RELATING TO CUSTOMS AND INLAND REVENUE (INCLUDING EXCISE) AND TO MAKE FURTHER PROVISIONS IN CONNECTION WITH FINANCE. [24th May 1989]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: